Port2port News Service
Sep 27, 2012
The GDP growth was due to a jump in exports of goods and services
The Central Bureau of Statistics (CBS) reported that based on updated data it has increased its GDP growth figure for the second quarter of 2012 from an annualized 3.2% to 3.4%.
The CBS noted that GDP rose by an annualized 3.1% in the first quarter and by an annualized 3.2% in the first half of the year, down from an annualized 3.3% in the second half of 2011 and 5% in the first half of last year.
The CBS also noted that the higher GDP growth figure for the second quarter, was mainly due to a 23.3% jump in exports of goods and services and an annualized 3.9% increase in consumption expenditure, following several months of a significant slowdown in these items.
In total, since the beginning of the year there has been a 6.5% increase in exports, a 4% increase in gross capital formation in fixed assets and a 2.6% increase in consumption expenditure per capita